The recent weakness of the raw material and steel markets worldwide have affected sentiments in the hot rolled coil (HRC) market in the UAE. Buyers have been encouraged to seek discounts in recent bookings.
Accordingly, SteelOrbis has learned of the most recent transactions for at least 35,000 mt of ex-India SAE1006 HRC at $955-960/mt CFR UAE, down $35-55/mt from the initially offers voiced in the middle of August. One India-based supplier is said to have achieved $965/mt CFR. According to market sources, HRC offers from the regional producer Hadeed are approximately $25/mt higher than the abovementioned levels.
Concurrently, SteelOrbis has learned of a booking of 15,000 mt of cold rolled full hard coils (CRFH) with 0.33-1.8 mm thickness from India at an average of $1,020/mt CFR.
Meanwhile, offers of ex-China HRC and CRC have declined by $70/mt and $60/mt over the past two weeks, to $950-970/mt CFR and $1,000-1,020/mt CFR respectively, but have remained unattractive due to the uncertainty surrounding the export duty. Hot dip galvanized (HDG) coils from China are available at $1,125-1,150/mt CFR, down $25-100/mt, depending on the specification of the material.